Viacom’s MTV Networks took the second phase of its bloodletting across the pond yesterday, announcing a restructuring of its international operations that will add another 250 layoffs to the 250 U.S.-based personnel that received pink slips less than three weeks ago.

News of the layoffs was compounded by the release of fourth quarter and full-year 2006 results that appeared robust on the surface but were actually owed to the singular, stellar performance of the recently acquired DreamWorks movie studio.

As The Post first reported, Viacom will merge or close some international regions while expanding or relocating employees in others. In particular, the company will move some of its Latin American personnel to Buenos Aires, Argentina, from Miami and transfer a portion of its Emerging Markets/Middle East group from London to Budapest, Hungary and Warsaw, Poland.

The moves, combined with previous layoffs in Asia, will trim 250 positions from MTVN International.

MTVN International President Bob Bakish said that the restructuring will position the division to “increase our operating margins through more efficient corporate structures, while also mobilizing our resources to build our multi-platform brand portfolios in priority markets and expand growing revenue areas such as advertising sales, digital media and consumer products.”

The 500 combined layoffs domestically and abroad will cost Viacom about $70 million, primarily in severance pay, with roughly $50 million of that to hit this year’s first-quarter results, according to the company’s 10-K report.